RED EAGLE MINING

DEVELOPING THE SANTA ROSA GOLD PROJECT IN COLOMBIA

Mining at the Santa Rosa gold project pre-dates the 17th century. 45,000 metres of core drilling have been completed on the San Ramon gold deposit and a positive Feasibility Study supports project development. The September 2014 Feasibility Study includes $74 million in initial capital costs and cash costs of $596 per ounce. Post-tax project economics include cash flow $132 million, NPV5% $104 million, IRR 53% and payback within 1.3 years. Project finance and permitting are well advanced.